Overview of Representative Meme Projects on Various Public Chains，From Silly Dragon to Minu

The rise and fall of memes in the cryptocurrency market are like tornadoes, but who manages to ride over the trend every time?

In this year’s cryptocurrency market, a unique trend is emerging. This phenomenon can be described in one sentence: without assets, we create assets; without narratives, we create narratives. This is the best depiction of the meme frenzy in the cryptocurrency market this year. In this process, the attitude against traditional venture capital (VC), the creation of new assets, and the shaping of consensus have jointly led to an irresistible FOMO phenomenon.

Beyond the shadow of inscriptions, another force is spreading, and that is meme coins. These coins are usually based on animal shapes such as chickens, dogs, monkeys, frogs, etc., constantly emerging and achieving astonishing gains in the recent bull market. The heat of the meme sector is on the rise. Surprisingly, some meme coins have surged over 100 times in just one week.

CoinGecko: AI, GameFi, and Meme Coin are the three major cryptocurrency narratives for 2023.

This phenomenon reflects the high heat of the meme sector and also implies the deep-seated motives behind this market trend. In the following sections, we will take a detailed inventory of meme coins on different chains and discuss their characteristics and market performance.

Silly Dragon: Launched by the founder of Solana, riding on the concept of the Chinese lunar dragon year

In the Solana ecosystem, the meme coin Silly Dragon has recently attracted widespread attention, especially after the unique connection between it and the founder Toly (aeyakovenko) emerged. Last Saturday, this meme project named Silly Dragon suddenly caught Toly’s attention. This attention is not limited to social media interactions but goes deeper into his personal presentation. In Toly’s Twitter profile picture, he wears a dragon-shaped outfit similar to the Silly Dragon cartoon image, and this detail has been interpreted by the community and the market as indicative support for the Silly Dragon project.

This connection is not only limited to online interactions. Toly personally cosplayed as a dragon during a public meeting, further solidifying his connection with Silly Dragon. The azure dragon outfit he wore remarkably matched the cartoon image in his Twitter profile, and although these fragmented pieces of information do not directly prove a substantive connection between the founder of Solana and Silly Dragon, the presence of these elements visually tightens the bond between Silly Dragon and Toly.

Another factor driving the popularity of Silly Dragon is that next year is the Chinese Year of the Dragon, making this narrative more popular in the Chinese community. It is noteworthy that within 1-2 hours of Toly expressing attention to Silly Dragon, the price of Silly token almost multiplied by 10, indicating the market’s sensitivity to this kind of association.

Currently, Silly Dragon has surged more than 80 times, with a price exceeding 0.13 USDT. The total supply of Silly tokens is 1 billion, with a market value of approximately 118 million USD, and a 24-hour trading volume of 36.14 million USD. There are over 6,000 addresses engaged in on-chain transactions, with over 13,000 addresses holding SILLY. Among them, the address [bitgetzero.sol] holds the highest proportion, accounting for 6.78%, ranking first; the address [HRgsV 5…zhjg] follows closely with 5.77%, and the address [12 eC 4 Ew…KgkW] ranks third with a proportion of 2.19%.

This phenomenon reflects the cryptocurrency market’s rapid responsiveness to specific events and highlights the unique position and influence of meme coins in the cryptocurrency ecosystem. While the market’s interest in Silly Dragon may be driven by specific factors, its long-term performance requires further observation.

COQ: Representative Meme on the Avalanche chain, claims to be completely useless but for entertainment only

AVAX token has recently shown significant growth momentum. According to data from OKX, the price of AVAX recently reached a new high of 46 USDT for the year. This growth not only highlights the strong performance of AVAX itself but also reflects the overall vitality of the Avalanche ecosystem. In this ecosystem, in addition to AVAX, other types of tokens are attracting market attention, including meme coins.

In the meme coin sector, the COQ (Avalanche Chicken) token is particularly noteworthy. This chicken-themed meme token was launched on December 8 last year, and since then, its market value has rapidly grown to as much as 230 million USD. Interestingly, despite the impressive market performance of the COQ token, its developers explicitly state that the token has no intrinsic value and should not expect any financial returns. This seemingly contradictory phenomenon is not uncommon in the cryptocurrency field. The official website of the COQ token even has a statement: “This coin is completely useless, for entertainment only.”

However, despite the developers’ modest assessment of COQ, it has still gained significant attention in the market. Currently, COQ is listed on the well-known cryptocurrency exchange Kucoin. The growth of its market value and trading volume indicates that even a token touted as “useless” can attract considerable investor attention in specific market conditions. COQ’s success somewhat suggests that part of the driving force in the cryptocurrency market comes from the interest and participation of community members, rather than purely economic value.

In the Avalanche ecosystem, COQ has become a notable emerging token with over 30,000 holders and a daily trading volume of 30 million USD.

ZeekCoin: A Meme Token in the ZKSync Ecosystem, with the Project Team Retaining Only 10% of Total Assets

In the ZKSync ecosystem, a Meme token named ZeekCoin has recently garnered attention from both the market and its founders. While ZeekCoin has not received official recognition, it is considered the unofficial mascot “Zeek” of zkSync. This unique positioning has allowed ZeekCoin to carve out a niche in the ZKSync ecosystem, capturing the gaze of investors and community members.

From the perspective of token economics, ZeekCoin has implemented some distinctive strategies. Firstly, it has not undergone any presale, indicating that all tokens are distributed through market transactions rather than predetermined sales. Secondly, ZeekCoin has set a limit of 2% of the total supply for each transaction, a strategy likely aimed at preventing market manipulation and excessive influence from individual large holders. Additionally, ZeekCoin imposes a 2% tax on each sale, a mechanism commonly used to support the project’s long-term operations or fund community incentive programs.

In terms of token distribution, ZeekCoin demonstrates a focus on market liquidity by allocating 80% of the tokens to the liquidity pool, ensuring market liquidity and stability. The project team retains only 10% of the tokens, reflecting confidence and commitment to the project’s future. Another 10% of the tokens are allocated for community rewards, incentivizing community members’ participation and contributions.

ZeekCoin also introduces a limitation that each wallet can hold a maximum of 2% of the total supply, contributing to the distribution of the token among a broader user base and avoiding the risk of excessive concentration.

The positioning and strategy of ZeekCoin in the ZKSync ecosystem, while unique, introduce market uncertainties. As a Meme token, it may not be perceived as a traditional investment tool but rather as a form of community culture and participation. For investors, this implies the need to stay vigilant regarding ZeekCoin and its performance in the market while maintaining a clear awareness of its potential risks and volatility.

LONK: A Meme Token in the NEAR Ecosystem, Homophonic with LONG

In the NEAR ecosystem, the LONK token has become the first Meme coin to gain widespread consensus, drawing attention from both the NEAR official community and related ecosystem participants. This unique Meme coin not only exhibits creativity in its name—LONK, pronounced as “LONG,” creating associations with the Chinese word for dragon (“龙” or “LONG”) in its semantics, but it also incorporates elements of humor and entertainment.

The design philosophy of the LONK token and its community culture are imbued with playfulness and creativity. Slogans like “LONK IS LONG, LONK IS Dragon, LONK IS DRAGON,” as well as “LONK IS FREN WITH BONK,” “LONK IS LOVE,” reflect a relaxed and friendly community atmosphere. LONK is explicitly described as an entity distinct from typical Meme coins, originating from collective friendships and deeply rooted in the realms of memetics and humor.

In terms of supply, LONK has a total fixed supply of 42.069 billion, with 83.058% allocated to liquidity pools (LPs) and the remaining 16.9420% reserved for purposes such as airdrops and exchange listings. Notably, LONK adopts unconventional strategies such as no taxation, no team allocation, no venture capital involvement, no presale, and a no-nonsense (NO BS) approach. These strategies indicate a fundamental difference in the operational approach of LONK compared to many other cryptocurrency projects.

LONK tokens are defined purely for entertainment purposes, lacking intrinsic value and making no promises of financial returns. Its management is informal, with no dedicated team or a specific roadmap, serving purely as a symbol of entertainment. This characteristic gives LONK a unique style in the NEAR ecosystem, positioning it as a project solely based on community engagement and entertainment.

For market participants, the existence and operational approach of LONK provide a window into the diversity of the Meme coin space. It showcases that in the cryptocurrency market, beyond traditional investment and financial return-oriented projects, there are unique initiatives based on community culture and entertainment. However, investors should be aware that Meme coins like LONK may bring high volatility and uncertainty, requiring caution when participating.

Minu: Born in the Manta Pacific Ecosystem, the Project is Still in its Earliest Stages

Within the Manta Pacific ecosystem, Minu emerges as the first Meme token, denoted by the token name $MNU, signaling a new phase of development for the ecosystem. However, being an exceptionally early-stage project, specific details and the tokenomics model of Minu have not been fully disclosed, presenting challenges in conducting a comprehensive assessment and understanding.

Information regarding Minu is currently relatively limited. As an emerging project in the Manta Pacific ecosystem, its launch has sparked curiosity and attention within the community. Due to the early stage of the project, many crucial project details—including its long-term vision, goals, and how it integrates into the existing Manta Pacific ecosystem—remain to be fully clarified.

Regarding Minu’s economic model and strategy, the currently known information is that it will not impose any form of transaction tax (No tax). This strategy might imply that the project aims to foster broader participation and liquidity by reducing transaction costs. However, the absence of transaction taxes may also indicate that the project needs to sustain its long-term operation and development through alternative means.

While the development potential and impact of Minu within the Manta Pacific ecosystem are currently challenging to accurately assess, its presence undoubtedly brings new vitality and possibilities to the ecosystem. With more information disclosed, Minu may demonstrate its unique position and role within the Manta Pacific ecosystem. For observers in the cryptocurrency market and the Meme coin domain, the development of Minu is worth paying attention to.

AIDOGE: The First Meme Asset in the Arbitrum Ecosystem, Integrating AI Technology

ArbDoge AI, as a significant project in the Arbitrum ecosystem, not only stands as the first Meme coin in this ecosystem but also combines artificial intelligence (AI), Arbitrum technology, and popular Doge elements, injecting a fresh vibrancy into the Arbitrum ecosystem. The project distributed 2.1 trillion AIDOGE tokens to the community in a fair manner between April and May of this year, with a circulating supply of approximately 183.15 trillion tokens and a market capitalization of about $38.39 million. The launch and operation of AIDOGE not only generated FOMO in the market but also introduced new narrative gameplay.

AIDOGE’s distribution combines a decreasing airdrop with lucky draws, increasing market participation and introducing an element of gaming. Addresses eligible for ARB token airdrops can claim 95% of the tokens for free, while the remaining 5% is reserved for rewarding users who invite new participants. This distribution mechanism not only incentivizes early community involvement but also, by gradually reducing the token issuance, effectively mitigates market selling pressure.

Additionally, AIDOGE has introduced a transaction burning tax mechanism, meaning that 15% of the tokens are used for various purposes with each on-chain transaction. These purposes include ecosystem development, token destruction, rewarding liquidity providers, purchasing ARB tokens for subsidizing protocol games and voting, as well as providing staking dividends and lucky drop rewards for AIDOGE holders. This complex tax structure aims to stimulate market activity while supporting the overall ecosystem’s development.

AIDOGE also offers opportunities for mining and providing liquidity, with an extremely high annual yield rate under compound interest conditions. Moreover, the project further stimulates user participation through lucky drop events with specific conditions. After purchasing a certain amount of AIDOGE, users qualify to participate in a lottery event held every half hour, increasing market activity through frequent reward distribution.

These features of ArbDoge AI not only showcase the application of innovative strategies in the cryptocurrency market but also reflect the market’s acceptance of new incentive mechanisms. While such strategies may bring about high volatility and uncertainty, they also provide new dynamics and directions for the Arbitrum ecosystem and the cryptocurrency market as a whole.

The Prosperity of Meme Coins Relies on the Underlying Logic, and Future Trends Hinge on the Web3 Ecosystem

As the cryptocurrency market evolves towards the end of 2023, a change in trend is observed: a shift from technology-driven innovation to market speculation driven more by emotions. This shift reflects the characteristics of the cryptocurrency market at different times and the evolution of investor sentiments.

Looking back at the ICO boom in 2017, projects at that time would often provide detailed technical whitepapers, emphasizing their technological advantages and future visions. These projects typically attracted attention based on their technical innovation and potential market applications. In the DeFi wave of 2020, most projects focused on outlining potential economic returns and liquidity advantages to attract investors and liquidity providers.

However, by 2023, some emerging trends in the cryptocurrency market, especially those related to Meme coins, seem to rely more on emotion-driven market enthusiasm. These projects may no longer emphasize technological innovation or specific use cases but rather drive price increases by attracting community attention and capitalizing on market trends. This phenomenon may reflect a certain fatigue in the market, where investors, after experiencing a prolonged focus on technology, are seeking more direct and straightforward ways to participate in the market.

This shift also raises questions about the future development of the cryptocurrency market. While emotion-driven market speculation can bring significant price volatility and attention in the short term, it lacks a solid foundation for long-term stability and sustained growth. Without robust technical support and practical applications, such price surges may quickly dissipate.

Therefore, for participants in the cryptocurrency market, understanding this change in market dynamics is crucial. While following market trends and emotions may bring short-term gains, the long-term health and stability of the market depend on genuine technological innovation and practical use cases. When making investment decisions, it is necessary to maintain focus on project fundamentals and conduct rational analyses of market trends, which will be key to avoiding risks and achieving long-term value. The future of the cryptocurrency market, whether it can achieve true prosperity and stability, may depend on finding a balance between technological innovation and market sentiment.

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